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20121101
20121130
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as the uned stes di nd that's partly because it had much more effective regulations of the financial sector. you know over this period that we saw leverage and speculation increasing on wall street, washington, both democrats and republicans, were trying as hard as they could to allow wall street to do even more. >> so winner-take-all politics has produced a winner-take-all economy, right? >> yes. >> yes. >> and the winners are? >> the winners are those who've made out so well in this new economy. the very well off and financial -- and people in the highest reaches of financand corporate executive suites. >> and the losers? >> well, the losers, i think, almost all of us. i think almost all americans lose from the shift toward a society in which rewards are so narrowly concentrated on a small segment of the population. i was talking yesterday evening with a friend of mine who spends much of his time in mexico who was describing a society in which a small group of wealthy people are protected byguns mostly from the rest of the population and dart from one protected location to another protect
there is some truth to this story that education matters more on determining economic rewards.un but the more we looked at this, the less satised we were that explanation. that it couldn't explain why the economic gains were so concentrated within a very small subset of the educated people in american society. i mean 29% of americans now have college degrees but much, much smaller percenge ofge americans were benefiting from this economic transformation. >> well as we speak i can hear all of those free-marketersl ou they say "come on, piers -- come on hacker, it is the global economy. it's the cheap labor overseas. it's those kehigh-technology skills tha you say are required, these deep forces that aually are beyond our control, and are making iarevitable this division between the top and everyone else," right? that's what they were saying as they lsten to you right now. >> we think the story that's told about how the global economy haso shifted clearly matters. >> and again we wouldn't want to say that the kinds of changes that they were it talking about don't matter at allat but they still lea
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